1. If an individual consumer faced the following utility function: U(X,Y) = 2X² + Y³, where X, Y > 0, which of the following assumptions would not hold? (a) Completeness (b) Monotonicity (c) Transitivity (d) Convexity (e) Continuity

1. If an individual consumer faced the following utility function: U(X,Y) = 2X² + Y³, where X, Y > 0, which of the following assumptions would not hold? (a) Completeness (b) Monotonicity (c) Transitivity (d) Convexity (e) Continuity

ENGR.ECONOMIC ANALYSIS

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Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

1.
If an individual consumer faced the following utility function: U(X, Y) = 2X² + Y³,
where X, Y > 0, which of the following assumptions would not hold?
(a) Completeness
(b) Monotonicity
(c) Transitivity
(d) Convexity
(e) Continuity

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